July 11, 2014 / 9:17 AM / 3 years ago

Portugal PM, cenbank assure investors, depositors on BES

LISBON, July 11 (Reuters) - The Bank of Portugal and the country’s premier assured investors on Friday that problems at the founding family of the country’s largest bank Banco Espirito Santo do not compromise the stability of the financial system, BES solvency and deposits.

The Bank of Portugal said in a statement that “taking into account information reported by BES ... it has sufficient capital to accommodate possible negative impacts from its recognised exposure to the non-financial arm of Espirito Santo Group without compromising the minimum ratio requirements.”

“BES depositors can be calm, there are no reasons that would compromise the safety of funds entrusted to BES,” it said.

Prime Minister Pedro Passos Coelho told reporters that “BES is a separate case from the businesses of the Espirito Santo family ... it’s important that Portuguese and foreign investors understand that difference and remain calm about the bank and our financial and banking system.” (Reporting By Andrei Khalip)

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